The buy-to-let sector in the UK is currently navigating a turbulent landscape, dealing with tax alterations, and facing surging mortgage rates.
Furthermore, it's not just financial challenges causing concern in the Buy-to-Let Sector landlords are increasingly distressed by their portrayal in the media.
Expert’s Opinion
Within this context, an expert goes as far as to argue that the media portrays landlords as greedy exploiters of renters. The Expert emphasises that landlords find themselves financially squeezed due to tax burdens and increasing mortgage rates.
Similarly, another expert agrees and asserts that landlords are unfairly labelled as 'bad people' and 'profiteers' wherever they go.
A Recent Survey
A recent survey underscores this sentiment, revealing that many landlords are eager to shed the term "landlord" altogether.
Continuing into the expert’s guidance, many have even stated that certain segments of the media have portrayed the buy-to-let community negatively, attributing part of landlords' difficulties to government-enforced initiatives such as Theresa May's 3% SDLT surcharge.
Summarising the above,
- 43% of respondents prefer to be called "Small Housing Providers."
- 36% are comfortable with the term "Landlords."
- 7% support the alternative term "Rental Accommodation Provider."
- 14% had other preferences or no specific preference for a term to describe themselves.
Landlord's Remarks
These experts have also highlighted the heavy tax burden landlords endure, with many paying a staggering 40% tax on their rental income, in addition to stamp duty.
Moreover, the expert argues that this significant financial contribution by landlords to the government doesn't necessarily benefit first-time buyers.
Lastly, experts conclude, this can only change by urging the government to recognise and applaud landlords' vital role in the housing sector.
To conclude, the expert contends that landlords are essentially bailing out the government, asserting that those preparing for retirement through property investment should not face criticism for securing their financial future.
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